Jack Dorsey steps down as Twitter CEO; Parag Agrawal succeeds him

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Joe Raedle/Getty Images

Joe Raedle/Getty Images

Jack Dorsey is stepping down as CEO of Twitter, the social media ship’s company he co-founded in 2006. He will be replaced by Twitter ‘s foreman engineering military officer, Parag Agrawal, a 10-year veteran of the company. Twitter stock rose on the news, which was foremost reported by CNBC. “ I ‘ve decided to leave Twitter because I believe the ship’s company is ready to move on from its founders, ” Dorsey said in a statement. “ My trust in Parag as Twitter ‘s CEO is deep. His work over the past 10 years has been transformational. I ‘m deeply grateful for his skill, heart, and soul. It ‘s his time to lead. ” Dorsey will remain on the company ‘s board of directors until May of following year. He was Twitter ‘s initiation chief executive officer but left the company once earlier after a falling out with a colleague co-founder. He returned to the clear job in 2015.

Dorsey is besides CEO of Square, the fiscal payments caller he founded in 2009, and has been criticized by some investors for leading two public companies at once. The hedge fund Elliot Management, a major stockholder, sought to replace Dorsey final year. It argued that Twitter should have a CEO entirely focused on running the company. The hedge fund backed off its demand, however, after striking a manage with Twitter management .

Beyond running the two companies, Dorsey is known to have many passions, including the cryptocurrency bitcoin and meditation. He told Wired Magazine in 2020 that he eats precisely one meal a day and tries to spend two hours a day chew over. While Twitter is popular among celebrities, politicians and the media, it has been behind to innovate compared with top competitors such as Facebook, Snapchat and TikTok. The microblogging platform has stayed largely the like for years. only recently has it introduced modern features, such as Twitter Blue, a subscription military service for frequent users, and Twitter Spaces for audio chats, as part of an ambitious campaign to more than double over annual gross and attract new users.

“ I believe that strategy to be bold and right, ” Agrawal wrote in a eminence to Twitter employees on Monday. “ But our critical challenge is how we work to execute against it and deliver results — that ‘s how we ‘ll make Twitter the best it can be for our customers, shareholders, and for each of you. ” Dorsey shared an electronic mail to staff members announcing his passing on Twitter, describing it as “ a tough one ” but as his own decision. “ There are n’t many companies that get to this horizontal surface. And there are n’t many founders that choose their company over their own ego, ” he wrote. “ I know we ‘ll prove this was the right move. ”